Earnings Per Common Share of MAA

12 Months Ended

Dec. 31, 2024

Earnings Per Common Share Of M A A [Abstract]

Basic earnings per share is computed using the two-class method by dividing net income available to MAA common shareholders by the weighted average number of common shares outstanding during the period. All outstanding unvested restricted share awards contain rights to non-forfeitable dividends and participate in undistributed earnings with common shareholders and, accordingly, are considered participating securities that are included in the two-class method of computing basic earnings per share. Both the unvested restricted shares and other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis with diluted earnings per share being the more dilutive of the treasury stock or two-class methods. OP Units are included in dilutive earnings per share calculations when the units are dilutive to earnings per share.

For the year ended December 31, 2024, MAA’s diluted earnings per share was computed using the two-class method, and for the years ended December 31, 2023 and 2022, MAA’s diluted earnings per share was computed using the treasury stock method, as presented below (dollars and shares in thousands, except per share amounts):


Calculation of Earnings per common share - basic	2024			2023			2022
Net income	$	541,576		$	567,831		$	654,776
Net income attributable to noncontrolling interests		(14,033	)		(15,025	)		(17,340	)
Unvested restricted shares (allocation of earnings)		(75	)		(224	)		(438	)
Dividends to MAA Series I preferred shareholders		(3,688	)		(3,688	)		(3,688	)
Net income available for MAA common shareholders, adjusted	$	523,780		$	548,894		$	633,310

Weighted average common shares - basic		116,776			116,521			115,344
Earnings per common share - basic	$	4.49		$	4.71		$	5.49

Calculation of Earnings per common share - diluted
Net income	$	541,576		$	567,831		$	654,776
Net income attributable to noncontrolling interests (1)		(14,033	)		(15,025	)		(17,340	)
Unvested restricted shares (allocation of earnings)		(75	)		—			—
Dividends to MAA Series I preferred shareholders		(3,688	)		(3,688	)		(3,688	)
Net income available for MAA common shareholders, adjusted	$	523,780		$	549,118		$	633,748

Weighted average common shares - basic		116,776			116,521			115,344
Effect of dilutive securities		—			124			239
Weighted average common shares - diluted		116,776			116,645			115,583
Earnings per common share - diluted	$	4.49		$	4.71		$	5.48

(1)

For the years ended December 31, 2024, 2023 and 2022, 3.1 million, 3.1 million and 3.2 million OP Units, respectively, and their related income are not included in the diluted earnings per share calculations as they are not dilutive.